Financials Kajaria Ceramics Limited

Equities

KAJARIACER

INE217B01036

Construction Supplies & Fixtures

Market Closed - Bombay S.E. Other stock markets 03:30:54 28/06/2024 pm IST			5-day change	1st Jan Change
1,407 ^INR	-1.32%		+4.84%	+8.04%

09/05	Jefferies Adjusts Kajaria Ceramics' Price Target to INR1,500 From INR1,630, Keeps at Buy	MT
08/05	Transcript : Kajaria Ceramics Limited, Q4 2024 Earnings Call, May 08, 2024

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,892	59,855	1,47,007	1,62,054	1,67,839	2,24,124	-	-
Enterprise Value (EV) ¹	92,572	58,785	1,43,517	1,59,089	1,65,994	1,80,739	2,19,519	2,17,887
P/E ratio	41.5 x	23.4 x	47.7 x	43 x	48.8 x	43.7 x	44.9 x	37 x
Yield	0.51%	0.8%	1.08%	1.08%	0.85%	1.04%	0.93%	1.09%
Capitalization / Revenue	3.18 x	2.13 x	5.29 x	4.37 x	3.83 x	4.02 x	4.4 x	3.87 x
EV / Revenue	3.13 x	2.09 x	5.16 x	4.29 x	3.79 x	3.95 x	4.31 x	3.76 x
EV / EBITDA	20.6 x	14.1 x	28.2 x	26.1 x	28 x	25.8 x	27.3 x	23 x
EV / FCF	47.8 x	58.5 x	36.2 x	101 x	260 x	60 x	60.6 x	49.5 x
FCF Yield	2.09%	1.71%	2.76%	0.99%	0.38%	1.67%	1.65%	2.02%
Price to Book	5.85 x	3.49 x	7.87 x	7.64 x	7.21 x	7.04 x	7.7 x	6.9 x
Nbr of stocks (in thousands)	1,58,950	1,58,957	1,59,081	1,59,204	1,59,233	1,59,258	-	-
Reference price ²	590.7	376.6	924.1	1,018	1,054	1,407	1,407	1,407
Announcement Date	10/05/19	26/06/20	14/06/21	17/05/22	16/05/23	07/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,562	28,080	27,809	37,052	43,819	45,784	50,890	57,984
EBITDA ¹	4,495	4,159	5,088	6,107	5,920	6,997	8,035	9,493
EBIT ¹	3,604	3,078	4,022	4,953	4,592	5,517	6,394	7,705
Operating Margin	12.19%	10.96%	14.46%	13.37%	10.48%	12.05%	12.56%	13.29%
Earnings before Tax (EBT) ¹	3,580	3,124	4,127	5,102	4,625	5,756	6,764	8,177
Net income ¹	2,266	2,553	3,080	3,770	3,445	4,221	5,007	6,082
Net margin	7.66%	9.09%	11.08%	10.17%	7.86%	9.22%	9.84%	10.49%
EPS ²	14.25	16.06	19.37	23.68	21.62	26.48	31.37	38.07
Free Cash Flow ¹	1,938	1,004	3,961	1,568	638.5	3,013	3,624	4,400
FCF margin	6.56%	3.58%	14.24%	4.23%	1.46%	6.58%	7.12%	7.59%
FCF Conversion (EBITDA)	43.12%	24.15%	77.84%	25.68%	10.79%	43.06%	45.11%	46.35%
FCF Conversion (Net income)	85.55%	39.34%	128.57%	41.6%	18.53%	71.37%	72.37%	72.34%
Dividend per Share ²	3.000	3.000	10.00	11.00	9.000	12.00	13.05	15.39
Announcement Date	10/05/19	26/06/20	14/06/21	17/05/22	16/05/23	07/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	14,147	9,901	8,383	9,525	5,617	9,736	10,682	11,018	10,082	10,778	10,911	12,048	10,642	11,483	11,665	12,777	11,491
EBITDA ¹	-	1,361	1,818	1,909	804.2	1,805	1,838	1,659	1,536	1,294	1,331	1,759	1,692	1,837	1,866	2,025	1,863
EBIT ¹	1,592	-	-	1,644	539	1,523	1,558	1,333	1,212	957.6	1,005	1,416	1,387	1,671	1,578	1,677	1,268
Operating Margin	11.26%	-	-	17.26%	9.6%	15.65%	14.58%	12.1%	12.02%	8.89%	9.21%	11.75%	13.03%	14.55%	13.53%	13.12%	11.03%
Earnings before Tax (EBT) ¹	1,616	854.9	1,580	1,692	568.8	1,567	1,602	1,364	1,257	965.7	-	1,405	1,427	1,596	1,541	1,690	1,536
Net income ¹	1,434	620.2	1,189	1,271	430.6	1,161	1,220	957.6	923	698.6	743.2	1,080	1,075	1,159	1,140	1,252	1,171
Net margin	10.14%	6.26%	14.19%	13.34%	7.67%	11.93%	11.42%	8.69%	9.15%	6.48%	6.81%	8.97%	10.1%	10.1%	9.77%	9.8%	10.19%
EPS ²	-	-	7.480	7.990	2.710	7.300	7.670	6.010	5.800	4.390	-	6.780	6.750	7.450	7.388	8.333	7.400
Dividend per Share ²	-	-	-	10.00	-	8.000	-	3.000	-	-	-	9.000	-	-	-	13.50	-
Announcement Date	23/10/19	20/10/20	21/01/21	14/06/21	03/08/21	22/10/21	21/01/22	17/05/22	21/07/22	02/11/22	28/01/23	16/05/23	26/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,320	1,070	3,490	2,965	1,845	3,435	4,605	6,237
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,938	1,004	3,961	1,568	639	3,013	3,624	4,400
ROE (net income / shareholders' equity)	15.5%	15.5%	17.2%	18.9%	15.5%	17.1%	17.9%	19.5%
ROA (Net income/ Total Assets)	10%	-	12.4%	13.7%	10.9%	12.3%	14%	15.1%
Assets ¹	22,568	-	24,826	27,566	31,585	34,367	35,767	40,280
Book Value Per Share ²	101.0	108.0	117.0	133.0	146.0	164.0	183.0	204.0
Cash Flow per Share ²	12.20	14.10	32.00	26.70	-	37.70	35.00	44.30
Capex ¹	1,235	1,240	1,127	2,687	2,317	3,004	2,813	2,725
Capex / Sales	4.18%	4.42%	4.05%	7.25%	5.29%	6.56%	5.53%	4.7%
Announcement Date	10/05/19	26/06/20	14/06/21	17/05/22	16/05/23	07/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kajaria Ceramics Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,407 INR

Average target price

1,397 INR

Spread / Average Target

-0.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Supplies & Fixtures

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AGC INC.	-0.57%	6.89B

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